Tim Morris, Philipp Westermann

Tim Morris and Philipp Westermann were appointed as Global Co-Heads of Real Assets at Legal & General Group in January 2026, following L&G's acquisition of a 75% stake in Proprium Capital Partners, announced in May 2025. Under their dual leadership structure, Morris takes primary responsibility for leading L&G's Global Real Assets proposition, while Westermann leads the continued growth and alignment of Proprium Capital Partners, providing strategic direction across L&G's real assets business.

Morris is a founder and co-managing partner of Proprium and also serves as CIO for the firm. Prior to launching Proprium, Morris was a managing director of Morgan Stanley and CIO of Morgan Stanley's real estate special situations funds, where he spent over 24 years holding various roles including global CFO, global COO, Head of Asia and co-head of Europe. Before joining Proprium as a founding team member, Westermann was co-CEO of Motel One, and prior to that served as a managing director at Morgan Stanley from 2002 to 2010, where he was European portfolio manager for Morgan Stanley's real estate special situations fund and headed the UK real estate investing business. Before joining Morgan Stanley in 2002, Westermann was a VP at Lazard. Westermann holds an MBA from Harvard Business School.

Together, Morris and Westermann bring over 60 years of combined experience in real estate investments. They will drive the expansion of Infrastructure and Real Estate strategies across new markets, including Asia, Europe and the US, supporting L&G's target of £85 billion in private markets assets under management by 2028.

Career History

• Co-Managing Partner and CIO, Proprium Capital Partners (Morris); Co-Managing Partner, Proprium Capital Partners (Westermann)
• Managing Director, Morgan Stanley Real Estate Division; CIO, Morgan Stanley Real Estate Special Situations Funds (Morris); Morgan Stanley Capital Partners and European Portfolio Manager, Real Estate Special Situations Fund (Westermann)
• Co-CEO, Motel One (Westermann)
• Vice President, Lazard (Westermann)

What Morris and Westermann could bring to their roles at Legal & General: Their extensive track record in building and scaling real estate investment platforms at Morgan Stanley, combined with their successful founding and growth of Proprium Capital Partners into a multi-billion dollar enterprise, positions them to accelerate L&G's global real assets expansion. Their deep networks across Asia, Europe, and North America, coupled with demonstrated expertise in infrastructure and real estate strategies, should enable them to successfully execute L&G's ambitious £85 billion private markets AUM target by 2028 and attract third-party capital to the enlarged platform.